ABQ is poised for economic growth - Albuquerque Journal

ABQ is poised for economic growth

The greater Albuquerque area – like the state of New Mexico – is facing significant challenges due to a lack of economic diversification and also due to the severe impacts of COVID-19. Even in the face of these challenges, we have ample opportunity to turn this trying period into one of growth and success. We are an attractive location for remote workers, as well as for companies seeking a new frontier – either for startup or expansion. With affordable housing, commercial, industrial and office space; with our burgeoning aerospace and tech industries; and with open land to build, opportunity awaits.

During the legislative session, our lawmakers have the power to increase our ability to offer a positive business climate and attract new investment. Similarly, we also stand the risk of getting in our own way and decreasing our attractiveness to new businesses by failing to focus on the importance of diversifying our economy and creating a business-friendly climate. Without a driving “why” or a clear path to achieve economic goals our opportunity for growth and future economic stability will likely stall. And, unfortunately, companies considering locating here don’t often call to say, “Hey, we looked at your state, but you’re not competitive, so we’re going elsewhere.” Instead, we’ll hear silence.

That’s why Albuquerque Economic Development (AED) is launching a strategic plan with executable solutions to create a diversified, thriving economy that will subsequently provide resources capable of addressing the very real challenges of workforce readiness, crime and poverty in our community.

AED has served the region for 60 years. Our board of directors and members believe Albuquerque should not have to settle for mediocrity but should be set apart for its unique and exceptional qualities. With these goals as our driving force, a strategic plan will give us a clear road map of what we need to do to make it possible. With the support of the Albuquerque region, its business community and its leaders, AED can help turn the challenges into opportunities by creating consensus around top goals and priorities and ensuring our strategic plan is structured to deliver the type of results expected of a best-in-class economic development organization.

We know the importance of this initiative, and we’re already working hard to ensure a brighter economic future for Albuquerque. AED has already engaged with dozens of stakeholders who have provided input on our strengths, challenges, opportunities and threats. Feedback shows our community is aligned on the challenges facing our region; however, there is still more work to be done, and additional discussions need to be had to develop consensus on how we fix those challenges.

Data analysis shows on a national scale, our market has tremendous advantages and fares very well in overall comparisons. Yet, in comparison to our mountain west neighbors, we are near the bottom of the pack. Within this challenge exists possibility. With an extremely low vacancy rate in industrial space in the region as compared to our competitors, we are being noticed as an emerging market. We can capitalize on these growth opportunities and investment trends – like reshoring and the great exodus out of California – but we can only achieve this if we can develop solutions to allow for new speculative space to be financially feasible and for our state to remain competitive as a place to conduct business and invest money.

We must come together with shared goals and a shared vision to leverage our advantages instead of allowing obstacles to stop us.

Now is the time for the community to think outside the box and consider what is possible if we all work together in pursuit of a unified vision for success. It’s time to think big.

Home » Opinion » Guest Columns » ABQ is poised for economic growth

Albuquerque Journal and its reporters are committed to telling the stories of our community.

• Do you have a question you want someone to try to answer for you? Do you have a bright spot you want to share?
   We want to hear from you. Please email yourstory@abqjournal.com

taboola desktop

Roswell is home to an arts and cultural history ...
The Roswell Museum that dates back ... The Roswell Museum that dates back to 1937 counts some 9,000 works in its collection, said executive director Caroline Brooks.
A look at five items from the National Museum ...
The National Museum of Nuclear Science ... The National Museum of Nuclear Science & History provides an objective, accessible window into the past, present and future of nuclear science.
For Elizabeth Kirk and her father Michael, crafting jewelry ...
Elizabeth credits growing up watching her ... Elizabeth credits growing up watching her father mold, incise and polish jewelry with jump-starting her own career.
Adobe Theater brings the Tony Award-winning musical to stage
The first few minutes of 'The ... The first few minutes of 'The Drowsy Chaperone' occur in complete darkness, while an anxious but companionable voice drifts from the stage.
NMPhil celebrating winter with a series of concerts
The New Mexico Philharmonic is gearing ... The New Mexico Philharmonic is gearing up for its Winter Festival with multiple 'Messiahs,' holiday pops and the 'Carol of the Bells.'
Vortex Theatre to bring folk tales, legends and more ...
The show opens on Friday, Dec. ... The show opens on Friday, Dec. 2, continuing on weekends through Dec. 18.
Here's what happening at Bishop's Lodge for the holidays
Santa Fe resort hosts its first-ever ... Santa Fe resort hosts its first-ever holiday market
Corrales Winter Craft Show to showcase 40 local artists
The three-day event kicks off on ... The three-day event kicks off on Friday, Dec. 2, at the Historic Old San Ysidro Church, 966 Old Church Road in Corrales.
Want to force bulbs this winter? Here's how.
You need to decide which of ... You need to decide which of the two traditional methods of forcing you are going to employ. You can force in a draining ...